The Grand Meter Corporation manufactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in process. Grand Meter uses a JIT production system and backflush costing with for making entries in the accounting system. Grand Meter's August standard cost per meter is direct material, \$25; and conversion cost, \$17. The following data apply to August manufacturing: DirectmaterialspurchasedConversioncostsincurred$535,000$425,000NumberoffinishedunitsmanufacturedNumberoffinishedunitssold18,00017,000 Requirements 1. Prepare summary journal entries for August (without disposing of under- or overallocated conversion costs). Assume no direct materials variances. 2. Post the entries in requirement 1 to T-accounts for Inventory: Materials and In-Process Control, Finished Goods Control, Conversion Costs Control, Conversion Costs Allocated, and Cost of Goods Sold. Requirement 1 Prepare the summary joumal entries for August in the order they occur (without disposing of under- or overallocated conversion costs). Assume no direct materials variances. Begin with the purchase of direct materials. (Record debits first, then credits. Explanations are not required.)